Designed for first time buyers who require assistance from family to help with their first house purchase deposit.
Deposit Lite mortgage offers up to a 40 year term and allows the applicant to borrow up to 100% of the purchase price. By taking a collateral charge on the parents’ property we can use equity in their property to help their children get on the property ladder with smaller deposits.
Parents or grandparents can use up to 60% of the value of their own property to help their child/grandchild onto the housing ladder. Please note this maximum LTV will include any existing charge in place on parents’ property if applicable plus our charge.
5.79% variable
8.79% variable
8.4% APRC
100% on applicants property purchase (overall 80% LTV with parents property equity) including fees
None
£999
Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
3% in the first year
2% in the second year
1% in the third year
A mortgage of £310,999 payable over 35 years initially at a discount of 3.00% from our Standard Variable Rate, currently 8.79%, giving a pay rate of 5.79% for 3 years and then on our Standard Variable Rate, currently 8.79%, for the remaining period would require 36 payments of £1,729.64 and 384 payments of £2,355.12.
There is a floor of 2.50% on this product which means the rate during the discount period will not go below that rate. The total amount payable would be £968,509.12 made up of the loan amount plus interest (£655,634.12), a valuation fee (£340), legal fees (£312), solicitor's fee for independent advice for guarantor (£100), an exit fee (£100), a product fee (£999) and a funds transfer fee (£25).
The overall cost for comparison is 8.4% APRC representative.
Valuation fees and solicitor fees may be payable
Other charges may be made in respect of mortgage services
See our fees guide for more details
Parents or grandparents can use up to 60% of the value of their own property to help their child/grandchild onto the housing ladder.
The Society will take a charge on the relative's property to bring the Society's overall LTV to 80%. The charge on the relative's property is for a set amount.
The relatives will have liability for any shortfall on the sale of the mortgage property in repossession subject to the maximum agreed at outset.
The charge on the parent's property can be released subject to a re-valuation and satisfactory conduct of the mortgage account.
We may also accept equity in holiday homes or Buy to Let properties other than the relatives' own, subject to individual approval.
Please complete our Additional Security calculator to assist in calculating the amount of charge required on the parent's/grandparent's home.
The Society will require a basic valuation of the parent's property.
The Society will undertake a TransUnion/Experian credit search and electronic verification on the guarantors.
Guarantors will need to provide statements for any mortgage or secured loans on their property.
Society would require that the parents have a clean credit history and to verify that any existing mortgage is not on a roll up basis.
Parents would need to take and evidence that they have had independent legal advice to ensure they are fully informed and that the solicitor can identify potential vulnerable persons.
A Higher Lending Charge does not apply.
This product accepts our standard credit criteria click here for details
Early Repayment Charges as detailed below are payable on any lump sum or full redemption repaid over 10% of the capital balance.
3% in the first year
2% in the second year
1% in the third year
During the early repayment charge period lump sum overpayments up to 10% of the capital balance per annum may be made without attracting an early repayment charge. Should the total of lump sum overpayments exceed 10% within this period, the excess will attract an early repayment charge.
Once the early repayment charge period has ended overpayments can be made at any time.
If an overpayment of £500 or more is made, we will recalculate the monthly payment the following month.
You can check affordability through our calculator where we assess on affordability as an alternative to income multiples. Please note we will fully review bank statements and expenditure during the underwriting process. Click here to find out more
This mortgage is available on a capital repayment basis. Payments must be made monthly by direct debit.
The minimum age is 18 for all applicants. There is no maximum age. Earned income considered up to age 75. Cases are considered on individual circumstances.
Minimum loan size £50,000.
Maximum loan size £500,000.
The maximum mortgage term is 40 years dependent on individual circumstances.
This product is portable, meaning that if the applicant moves home they can take it with them, subject to our lending criteria at the time.
Interest is calculated daily on the balance outstanding and added to the account the following month.
Designed for first time buyers who require assistance from family to help with their first house purchase deposit.
Deposit Lite mortgage offers up to a 40 year term and allows the applicant to borrow up to 100% of the purchase price. By taking a collateral charge on the parents’ property we can use equity in their property to help their children get on the property ladder with smaller deposits.
Parents or grandparents can use up to 60% of the value of their own property to help their child/grandchild onto the housing ladder. Please note this maximum LTV will include any existing charge in place on parents’ property if applicable plus our charge.
5.79% variable
8.79% variable
8.4% APRC
100% on applicants property purchase (overall 80% LTV with parents property equity) including fees
None
£999
Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
3% in the first year
2% in the second year
1% in the third year
A mortgage of £310,999 payable over 35 years initially at a discount of 3.00% from our Standard Variable Rate, currently 8.79%, giving a pay rate of 5.79% for 3 years and then on our Standard Variable Rate, currently 8.79%, for the remaining period would require 36 payments of £1,729.64 and 384 payments of £2,355.12.
There is a floor of 2.50% on this product which means the rate during the discount period will not go below that rate. The total amount payable would be £968,509.12 made up of the loan amount plus interest (£655,634.12), a valuation fee (£340), legal fees (£312), solicitor's fee for independent advice for guarantor (£100), an exit fee (£100), a product fee (£999) and a funds transfer fee (£25).
The overall cost for comparison is 8.4% APRC representative.
Valuation fees and solicitor fees may be payable
Other charges may be made in respect of mortgage services
See our fees guide for more details
Parents or grandparents can use up to 60% of the value of their own property to help their child/grandchild onto the housing ladder.
The Society will take a charge on the relative's property to bring the Society's overall LTV to 80%. The charge on the relative's property is for a set amount.
The relatives will have liability for any shortfall on the sale of the mortgage property in repossession subject to the maximum agreed at outset.
The charge on the parent's property can be released subject to a re-valuation and satisfactory conduct of the mortgage account.
We may also accept equity in holiday homes or Buy to Let properties other than the relatives' own, subject to individual approval.
Please complete our Additional Security calculator to assist in calculating the amount of charge required on the parent's/grandparent's home.
The Society will require a basic valuation of the parent's property.
The Society will undertake a TransUnion/Experian credit search and electronic verification on the guarantors.
Guarantors will need to provide statements for any mortgage or secured loans on their property.
Society would require that the parents have a clean credit history and to verify that any existing mortgage is not on a roll up basis.
Parents would need to take and evidence that they have had independent legal advice to ensure they are fully informed and that the solicitor can identify potential vulnerable persons.
A Higher Lending Charge does not apply.
This product accepts our standard credit criteria click here for details
Early Repayment Charges as detailed below are payable on any lump sum or full redemption repaid over 10% of the capital balance.
3% in the first year
2% in the second year
1% in the third year
During the early repayment charge period lump sum overpayments up to 10% of the capital balance per annum may be made without attracting an early repayment charge. Should the total of lump sum overpayments exceed 10% within this period, the excess will attract an early repayment charge.
Once the early repayment charge period has ended overpayments can be made at any time.
If an overpayment of £500 or more is made, we will recalculate the monthly payment the following month.
You can check affordability through our calculator where we assess on affordability as an alternative to income multiples. Please note we will fully review bank statements and expenditure during the underwriting process. Click here to find out more
This mortgage is available on a capital repayment basis. Payments must be made monthly by direct debit.
The minimum age is 18 for all applicants. There is no maximum age. Earned income considered up to age 75. Cases are considered on individual circumstances.
Minimum loan size £50,000.
Maximum loan size £500,000.
The maximum mortgage term is 40 years dependent on individual circumstances.
This product is portable, meaning that if the applicant moves home they can take it with them, subject to our lending criteria at the time.
Interest is calculated daily on the balance outstanding and added to the account the following month.